British-Borneo Petroleum to Buy
Hardy Oil for $567 Million in Stock

Dow Jones Newswires

Updated Sept. 15, 1998 12:01 a.m. ET

LONDON -- British-Borneo Petroleum Syndicate PLC said Monday it will acquire Hardy Oil & Gas PLC in an agreed stock swap valuing the smaller oil and exploration company at around 339 million pounds ($567.1 million), signaling the next round of consolidation in the oil industry.